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Upon consolidation, as foreign exchange rates vary, net sales and other operating results may differ materially from expectations, and we may record significant gains or losses on the remeasurement of intercompany balances.
−Removed: For example, as a result of fluctuations in foreign exchange rates throughout the period compared to rates in effect the prior year, International segment net sales in Q3 2020 increased by $747 million in comparison with Q3 2019.
+Added: For example, as a result of fluctuations in foreign exchange rates throughout the period compared to rates in effect the prior year, International segment net sales in Q1 2021 increased by $1.9 billion in comparison with Q1 2020.
We have foreign exchange risk related to foreign-denominated cash, cash equivalents, and marketable securities (“foreign funds”).
−Removed: Based on the balance of foreign funds as of September 30, 2020, of $15.6 billion, an assumed 5%, 10%, and 20% adverse change to foreign exchange would result in fair value declines of $780 million, $1.6 billion, and $3.1 billion.
+Added: Based on the balance of foreign funds as of March 31, 2021, of $19.8 billion, an assumed 5%, 10%, and 20% adverse change to foreign exchange would result in fair value declines of $990 million, $2.0 billion, and $4.0 billion.
Fluctuations in fair value are recorded in “Accumulated other comprehensive income (loss),” a separate component of stockholders’ equity.
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We have foreign exchange risk related to our intercompany balances denominated in various foreign currencies.
−Removed: Based on the intercompany balances as of September 30, 2020, an assumed 5%, 10%, and 20% adverse change to foreign exchange rates would result in losses of $250 million, $500 million, and $1.0 billion, recorded to “Other income (expense), net.”
+Added: Based on the intercompany balances as of March 31, 2021, an assumed 5%, 10%, and 20% adverse change to foreign exchange rates would result in losses of $230 million, $460 million, and $920 million, recorded to “Other income (expense), net.”
See Item 2 of Part I, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Effect of Foreign Exchange Rates” for additional information on the effect on reported results of changes in foreign exchange rates.
Equity Investment Risk
−Removed: As of September 30, 2020, our recorded value in equity and equity warrant investments in public and private companies was $5.2 billion.
−Removed: Our equity and equity warrant investments in publicly traded companies represent $1.6 billion of our investments as of September 30, 2020, and are recorded at fair value, which is subject to market price volatility.
−Removed: We perform a qualitative assessment for our equity investments in private companies to identify impairment.
−Removed: If this assessment indicates that an impairment exists, we estimate the fair value of the investment and, if the fair value is less than carrying value, we write down the investment to fair value.
−Removed: Our assessment includes a review of recent operating results and trends, recent sales/acquisitions of the investee securities, and other publicly available data.
−Removed: The current global economic climate provides additional uncertainty.
+Added: As of March 31, 2021, our recorded value in equity and equity warrant investments in public and private companies was $8.4 billion.
+Added: Our equity and equity warrant investments in publicly traded companies represent $2.9 billion of our investments as of March 31, 2021, and are recorded at fair value, which is subject to market price volatility.
+Added: We assess our equity investments in private companies for impairment.
Valuations of private companies are inherently more complex due to the lack of readily available market data.
+Added: The current global economic climate provides additional uncertainty.
As such, we believe that market sensitivities are not practicable.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.